HomeMy WebLinkAbout0678 (d) All payments made for such releases shall be applied
to the next ensuing principal payment upon the Mor~gage. Upon pay-
ment of each principal payment when due, Mortgagor shall be entitled ;
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to releases of land in accordance with the herein provided release }
prices; provided that Mortgagor may accumulate his right to releases, `
and need not obtain partial releases as principal payments are made,
until such time as it is convenient for Mortgagor to choose what
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land he wishes to have released. The down payment at time of closing
of this transaction shall be considered as a payment applicable to
any future request for release.
(e) Mortgagee agrees, upon receipt from Mortgagor of pay-
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ments and requests for a release pursuant to the foregoing, to
execute and deliver to Mortgagor the partial release requested by
Mortgagor within ten (10) days of receipt thereof, or within ten (10)
days after receipt of Mortgagee from Mortgagor of the legal descrip-
- tion of the parcel to be released, whichever is the later date.
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~ (f) Al1 payments made for releases shall be.in an amount
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~ equal to TWENTY-THREE THOUSAND, ONE HUNDRED FORTY-EIGHT and FIFTEEN
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~ ONE-HUNDREDTHS ($23,148.15) DOLLARS per acre.
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a 3. Mortgagee agrees, providing Mortgagor is nbt in default
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~ of any provision herein and has performed the covenants by them to
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~ be performed, to subordinate this Mortgage to any Mortgage obtained~
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~ by Mortgagee for development and/or construction upon the property
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~ encumbered by this Mortgage.
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_ BURNS ANO WE6EF. LAWYERS. 325 THIRD STREET. ~WEST PALM BEACH. FLORIpA